Sergio Padilla
The state pension fund looks to boost allocation from 6% to 10% by 2029.
LACERS has set in motion a plan to grow allocation to the asset class from 1.9% to 5.75%.
Fund targeting wealth platforms will work with extensive network of third-party originators to source investments.
The manager’s primary direct-origination platform’s senior unsecured notes and credit facility are now rated investment grade.
Asset-backed strategy seeks to provide exposure to residential, corporate and hard asset-backed loans.
Alternative managers have an expanded arsenal compared with the last time public markets soured on BDCs.
The third vintage is more than halfway to its $5bn target fundraise, filings show.
As recovery rates plunge, a new report points to second-lien mortgages, European SME ABF and US equipment finance as areas of opportunity.
The fund, launched in 2023, exceeded s $4.5bn target, and will focus on both public and private firms.
MLEND will be available to clients of financial advisers through US-based RIA and broker-dealer networks